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Fr. 1a "for the" New York Demand Note One of Ten Known

Fr. 1a $5 1861 Demand Note PCGS Very Fine 25.
When we last sold this note in April 2006, we used this description: "An absolutely solid, problem-free example of this extremely rare and highly historic 'for the' Demand Note. When Demand notes were first printed, the words 'Register of the Treasury' and 'Treasurer of the United States' were printed at the bottom of the note below the signature lines. The Treasury clerks, who were authorized to sign for these officials, added the words 'for the' after their signatures. After a short while, it was realized that the words 'for the' should be added to the plate in front of 'Register of the Treasury' and 'Treasurer of the United States' to save a considerable amount of time and effort on the part of the signers. Only eight examples of Fr. 1a are known to exist - none of which are Uncirculated. This note, which lays claim to the Very Fine grade, has been off the market since a 1974 Mayflower auction. It has strong color, bold hand-signatures, and no repairs, restorations, or defects of any kind. This piece would be a valuable acquisition simply as a normal Demand Note. The only recent sale of a comparable piece was the weaker Fine sold at auction last Fall for $31,000. This piece, on a market in which new buyers are entering the upper-tiers on a near weekly basis, will far surpass that number. We would not be at all surprised by a realization that approached or slightly exceeded the $50,000 mark." At that sale, our estimate was surpassed and the note realized $60,375. The previous count of eight notes has now risen to ten, with this note the third highest graded when both services are combined. The finest known note is an XF. In the current market, this note is likely to exceed its realization of eight years ago.
From The Greensboro Collection Part III

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Auction Dates
January, 2014
8th-13th Wednesday-Monday
Bids + Registered Phone Bidders: 1
Lot Tracking Activity: N/A
Page Views: 1,345

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